Budget 2023 wishlist | Startup founders want more debt from PSU banks
Dhruv Bhasin, Co-founder, ARARTA said that startups need to look at the current environment as “business as usual” amid rising interest rates globally on the back of rising inflation, especially in the west.
The Economic Survey tabled in the Parliament by Finance Minister Nirmala Sithraman on Tuesday said that India has a unique opportunity to become a global manufacturing hub this decade as foreign companies are adapting their manufacturing and supply chain strategies to build resilience.
It also added that the risk of supply chain shocks has never been more palpable than today, following compounding crises from the US-China trade war, the Covid-19 pandemic, and the war in Ukraine, it said.
CNBC-TV18 spoke to some of the business leaders on their take on funding winter in the country and how startups can stay afloat.
Dhruv Bhasin, Co-founder, ARARTA said that startups need to look at the current environment as “business as usual” amid rising interest rates globally on the back of rising inflation, especially in the west.
"We startups have to start looking at this as business as usual and start looking as to how we can become more sustainable or atleast get on that part."
Shaily Mehrotra, CEO and Co-founder of Fix Derma says IT and startups are under the heat as funding is frozen.
On a question on expectation from the upcoming Budget, Dhruv Madhok, Co-founder, ARARTA speaks out his expectations.
1) Access to more debt from PSU banks for startups as they have very limited options now and available options are very expensive.
2) Reduction in GST for logistics as it forms an expensive part of business.
Shaily Mehrotra expects that one of PM Modi's pet projects- Make in India should be a priority because India has a huge domestic market to cater to and can also be helpful in the current global scenario.
The economic survey has said that to further enhance India's integration in the global value chain, 'Make in India 2.0' is now focusing on 27 sectors, which include 15 manufacturing and 12 service sectors and that include furniture, agri produce, textile, robotics, televisions and aluminium.
SBI Life is the associate sponsor for this Budget coverage on CNBC-TV18.com.
(With inputs from PTI)
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